ITAT Kolkata Quashes Reassessment, Invalidates Mechanical Sanction After 4 Years

ITO Vs Anil Kumar Loharuka (ITAT Kolkata) In a setback to the Income Tax Department, the Income Tax Appellate Tribunal (ITAT), Kolkata bench, has upheld the cancellation of a reassessment initiated against an individual, Anil Kumar Loharuka, citing a lack of proper application of mind by the sanctioning authority. The tribunal concurred with the Commissioner of Income Tax (Appeals) [CIT(A)] that the mandatory approval for reopening the assessment after four years was granted mechanically, rendering the subsequent proceedings invalid. The case pertains to the assessment year 2007-08. The assess...